Galaxy Digital (NASDAQ:GLXY) Shares Down 4.3% – Here’s What Happened

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) fell 4.3% on Thursday . The company traded as low as $30.98 and last traded at $31.06. 1,513,905 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 6,889,087 shares. The stock had previously closed at $32.45.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Canaccord Genuity Group upped their target price on Galaxy Digital from $34.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $27.00 price objective on shares of Galaxy Digital in a report on Tuesday. Benchmark lifted their target price on shares of Galaxy Digital from $40.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. Citigroup started coverage on shares of Galaxy Digital in a research report on Tuesday, December 9th. They set an “outperform” rating for the company. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Galaxy Digital in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $46.09.

Galaxy Digital Trading Down 4.7%

The business has a 50-day moving average price of $26.15 and a 200-day moving average price of $28.94. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $12.08 billion and a P/E ratio of 25.77.

Galaxy Digital (NASDAQ:GLXY) last issued its earnings results on Tuesday, October 21st. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $0.38 by $0.74. The firm had revenue of $28.40 billion during the quarter, compared to the consensus estimate of $19.85 billion. During the same period last year, the business earned ($0.16) earnings per share.

Insider Activity at Galaxy Digital

In other Galaxy Digital news, Director Douglas R. Deason bought 10,000 shares of the firm’s stock in a transaction dated Friday, November 7th. The shares were acquired at an average cost of $29.59 per share, for a total transaction of $295,900.00. Following the transaction, the director owned 10,000 shares in the company, valued at approximately $295,900. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. ORG Partners LLC boosted its holdings in Galaxy Digital by 1,110.0% during the third quarter. ORG Partners LLC now owns 968 shares of the company’s stock valued at $36,000 after purchasing an additional 888 shares in the last quarter. North Star Investment Management Corp. acquired a new position in shares of Galaxy Digital in the 3rd quarter worth approximately $34,000. CWM LLC bought a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $26,000. Manchester Capital Management LLC acquired a new stake in Galaxy Digital in the 2nd quarter valued at $32,000. Finally, Centerpoint Advisors LLC bought a new stake in Galaxy Digital in the second quarter valued at $33,000.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. (NASDAQ:GLXY) is a diversified financial services and investment management firm dedicated to the digital assets and blockchain technology sectors. Established in 2018 by Mike Novogratz, the company operates across trading, asset management, principal investing and advisory services. Galaxy Digital caters to institutional clients, high-net-worth investors and corporations seeking exposure to cryptocurrencies, decentralized finance (DeFi) protocols and other blockchain-based assets.

In its trading division, Galaxy Digital provides market-making, execution and over-the-counter (OTC) solutions for a wide range of digital tokens.